In the current economic situation, it is very difficult to fund education. Due to funding problems, many meritorious students have to quit their education. So, taking an education loan can help them in coming out of crisis and fulfill their educational dreams by giving them the much needed financial support for pursuing higher professional or technical education in India and abroad.
Education loan is a loan granted to Individuals for pursuing higher education in India or abroad where admission has been secured in some career oriented course like medicine, engineering, management etc. for graduate or post graduate level.
Education loan is disbursed in full or in installments depending upon the requirement of funds and are directly transferred by the Bank to the educational institution. The amount of loan granted, the interest expenditure and the processing fees differ from bank to bank.
FINMART helps you in choosing the suitable bank for you and arrange for timely finance.
Any individual who aims to go for higher education and needs funds are eligible for an education loan. The borrower should be an Indian National Individual whose loan has to be guaranteed by guardian or parent. Also the borrower should not have any outstanding education loan from some other bank. The prerequisite to obtain the loan is that the admission in recognized institution in India or abroad for which the loan is sought should be secured.
The documents needed vary bank to bank. Every bank has different norms for granting an education loan. But the basic set of document to be submitted can be briefed below:
The expense list differs from bank to bank. They usually comprise of the following expenses.